Didi Chuxing Raises US$4 bn in Latest Funding Round

Published By : 21 Dec 2017 |Published By : QYRESEARCH

In the latest round of funding, Didi Chuxing, the leading ride-hailing service provider in China, has raised US$4 bn to support an array of initiatives including new business projects and international expansion of its services. The company stated that various local and international institutions had joined the recent most fundraising round but it did not reveal the names of participants of this investing round. In a statement, the company said that it plans to scale up the investments in artificial intelligence (AI) technologies in a bid to further develop its smart transportation and intelligent driving capabilities. It also aims at bringing more diversified and innovative transportation services to a wider base of communities across the world.

The company further added that they will also begin new initiatives for setting up new networks for energy vehicle services, as part of its effort to lead the transformation of the transportation and the automotive industries and work towards the interconnection of global energy. So far Didi Chuxing has raised US$13 bn from investors, including Tencent Alibaba, SoftBank, and Apple amongst others, resulting in a record funding of US$5.5 bn at a reported valuation of US$50 mn in April 2017. With the planned expansion Didi is expected to throw a really tough challenge for Uber, whose founder was replaced earlier this year after the revelation of a series of scandals, including a massive disclosure of 57 million driver and rider records and revelations regarding operations run by the company to spy on rivals.